UNITED STATES OF AMERICA
                           BEFORE THE 
                SECURITIES AND EXCHANGE COMMISSION

Investment Advisers Act of 1940 
Release No. 1572 / July 26, 1996

Administrative Proceedings File No. 3-9047 

PUBLIC ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST
WAYNE A. MAKI

     The Commission announced today the entry of an Order
Instituting Public Administrative Proceedings Pursuant to Section
203(f) of the Investment Advisers Act of 1940 (Order) against
Wayne A. Maki (Maki), an inmate at the Minnesota Correctional
Facility, in Lino Lakes, Minnesota.  Maki was formerly associated
with IDS Financial Corporation (IDS), a registered investment
adviser.  IDS is the parent of various affiliates, many of which
are registered investment companies.  

     The Order alleges that from approximately May 1986 through
June 1993, Maki was employed as a tax accountant in IDS'
corporate tax department.  Maki also worked with two IDS
affiliates, IDS Financial Services (Financial Services) and IDS
Mutual Funds Group (Mutual Funds Group), to escheat funds
abandoned by investment company shareholders and investment
advisory clients to the states.  As such, Maki had access to
abandoned investment advisory client accounts and investment
company shareholder accounts.

     The Order further alleges that on May 23, 1994, Maki was
convicted by the State of Minnesota, County of Hennepin, District
Court of eight counts of theft by swindle ("embezzlement," Minn.
Stat. 609.52 subdiv. 2(4), 3(1) and 3(2)).  This conviction
resulted from Maki's embezzlement of approximately $1 million
from the investment advisory clients of IDS and the clients and
shareholders of Financial Services and Mutual Funds Group.  The
Honorable Ann Montgomery sentenced Maki to eleven years in prison
and ordered him to pay restitution.

Based on Maki's criminal conviction, a public hearing will be
held to determine what remedial action, if any, is appropriate in
the public interest.